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Binance Coin Hits Record High Against Bitcoin
Binance coin, the token launched by the world's largest cryptocurrency exchange, has hit an all-time high against bitcoin.
Binance coin
(BNB), the token launched by the world's largest cryptocurrency exchange Binance, has hit an all-time high against bitcoin.
STORY CONTINUES BELOW
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BNB achieved the new milestone of 0.002287 BTC at 10:45 UTC Wednesday, and was last seen changing hands at 0.0022 BTC on Binance, up 8 percent since yesterday.
The sharp rally pushed BNB's market capitalization to a five-month high above $1.9 billion, making it the 17th largest cryptocurrency by market capitalization.
Further, the rally is backed by a 155 percent rise in trading volume over the last 48 hours, so the stellar gains look sustainable.
Meanwhile, the binance coin-U.S. dollar (BNB/USD) exchange rate hit a 5.5-month high of $17.60 on Binance and was trading at $16.74 at press time – up 15 percent in the last 24 hours.
A detailed look at the individual markets reveals that the BNB/BTC and binance coin-tether (BNB/USDT) pairs account for more than 85 percent of the total BNB trading volume ($0.148 billion) seen in the last 24 hours.
Balloon image via Shutterstock
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
